IMARC Group, a leading market research company, has recently releases report titled “Fast Food and Quick Service Restaurant Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global fast food and quick service restaurant market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How Big is the Fast Food and Quick Service Restaurant Market?
The global fast food and quick service restaurant market size reached US$ 243.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 319.7 Billion by 2028, exhibiting a growth rate (CAGR) of 4.7% during 2023-2028.
What is Fast Food and Quick Service Restaurant?
Fast food and quick service restaurants are establishments primarily designed to provide meals in a highly efficient and expedited manner. Characteristically, these eateries cater to the pace of modern life by offering rapid service and a menu of food items that are pre-prepared or swiftly prepared, allowing minimal wait time for customers. The menu often comprises a variety of foods that can be kept ready or are quick to cook, including burgers, fries, pizzas, and an array of other snackable or single-serve dishes. The features of such establishments include a counter or drive-through service, with limited table service, and a focus on convenience, consistency, and affordability. Food is typically packaged in a way that is conducive to on-the-go consumption or takeout, with a growing number also providing delivery options directly to customers' locations. The ambiance and decor of fast food and quick service restaurant are generally functional and highlight branding, with an emphasis on cleanliness and speed of service. These establishments invest significantly in their operational systems, technology, and supply chains to maximize efficiency. This includes innovations like digital ordering kiosks, mobile order and pay apps, and sophisticated point-of-sale systems. Many of these restaurants are part of larger chains with a standardized menu and experience, which helps to ensure product consistency and quality control across various locations. The fast food and QSR industry also adapt to consumer trends, often integrating healthier options and environmentally sustainable practices in response to growing customer awareness and preferences.
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What are the Growth Prospects and Trends in the Fast Food and Quick Service Restaurant Market?
The escalating pace of modern lifestyles and the rising demand for convenience foods are key drivers propelling the market expansion of fast food and quick service restaurants (QSR). Moreover, the growing appetite for diverse and readily accessible meal options due to the bustling nature of contemporary life acts as a major catalyst for market growth. In line with this, the utility and appeal of fast food are being significantly enhanced through the incorporation of cutting-edge technologies such as digital ordering systems, mobile applications, and contactless payments, intensifying market development. In addition, regulatory authorities are setting rigorous standards to ensure food safety and nutritional value, thus reinforcing consumer trust and industry standards. Furthermore, technological innovations in food delivery and inventory management are revolutionizing the operational efficiency of fast food and quick service establishments. These advancements are not only optimizing the customer ordering experience but also streamlining the food preparation process, thereby attracting a wider consumer base. The burgeoning trend of customizing food options to cater to a variety of dietary preferences and restrictions, including vegetarian, vegan, and gluten-free offerings, is also rendering fast food consumption increasingly essential, enhancing the overall dining convenience. Furthermore, increasing awareness of the health implications associated with dietary choices is serving as an influential factor in the surge of health-conscious fast-food options worldwide.
Who are the Key Players Operating in the Fast Food and Quick Service Restaurant Industry?
The competitive landscape of the global fast food and quick service restaurant market has also been examined along with the profiles of the key players.
Some of these key players include:
- Ark Restaurants Corp.
- Carrols Restaurant Group Inc.
- Chipotle Mexican Grill Inc.
- Del Taco Restaurants Inc.
- Jack in The Box Inc.
- Kotipizza Group Oyj (Orkla ASA)
- McDonald's Corporation
- Restaurant Brands International Inc.
- The Wendy's Company
- Yum Brands Inc.
What is Included in Market Segmentation?
The report has categorized the market based on business model, cuisine, product type, service type and region.
Breakup by Business Model:
- Independent
- Chain and Franchise
Breakup by Cuisine:
- American
- Chinese
- Italian
- Mexican
- Japanese
- Turkish and Lebanese
- Others
Breakup by Product Type:
- Burger and Sandwiches
- Pizzas and Pastas
- Drinks and Desserts
- Chicken and Seafood
- Others
Breakup by Service Type:
- Online Service
- Offline Service
Regional Analysis:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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Key Highlights of The Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Market Trends
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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